PTT Oil and Retail

OR: Rising Sales and Healthy Margin in 2Q22

Equity Bottom-Up
165 Views, 19 May 2022 11:13
EXECUTIVE SUMMARY
  • Yesterday analyst meeting came out in a positive tone. We maintain the HOLD rating with a target price of Bt27.0, derived from an SOTP methodology. Our TP implies 25xPE’22E
  • Expect the 2Q22 earnings to improve both YoY and QoQ, on the back of continued oil sales growth  and healthy marketing margin.
  • The 2H22 earnings should improve YoY from better sales growth, however oil marketing margin may prone to downside risk as the crude oil price continue to remain at high levels.
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Pi Securities PCL, Thailand
Leading, full-service investment firm in Thailand
ThailandEquity Bottom-Up

Pi Securities is a well known securities company with 40 years experience in the industry, serving more than 60,000 clie... 

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